Mid-sized IT services firm Mphasis has reported a 2.9% dip in net profit at Rs 393.22 crore as against Rs 405.31 crore in the year ago quarter. On a sequential basis, profit increased by 5.2% from Rs 373.6 crore in the previous quarter ending December 2023.
Revenue from operations during the quarter declined 1.5% to Rs 3,412 crore as compared to Rs 3,361 crore in the year ago quarter. Sequentially, the revenues fell 2.2% from Rs 3,337.9 crore in December quarter.

For the full year ended March 2024, net profit declined 5% to Rs 1554.82 crore from Rs 1637.92 crore in FY23.

Revenues also dipped 3.7% to Rs 13,278.52 crore in FY24 from Rs 13,798.5 crore last year.

In FY24, the deal wins were at a total contract value (TCV) of $1.38 billion with 15 large deals and one large deal in Q4FY24.

“We are experiencing strong growth momentum in Artificial Intelligence (AI) powered deal archetypes, as we look to capture the enterprise demand for AI adoption. Our ability to orchestrate the ecosystem by bringing technology and people together to solve for customer needs strongly positions us for growth in FY 2025, while we continue to work around the uncertainties in the overall economic environment,” said Nitin Rakesh, chief executive officer, and managing director at Mphasis.

On Thursday, Mphasis shares had ended 0.38% lower at Rs 2233.25 per share. Results were announced late Thursday night on the BSE.

Mid-sized IT services firm Mphasis has reported a 2.9% dip in net profit at Rs 393.22 crore as against Rs 405.31 crore in the year ago quarter. On a sequential basis, profit increased by 5.2% from Rs 373.6 crore in the previous quarter ending December 2023.
Revenue from operations during the quarter declined 1.5% to Rs 3,412 crore as compared to Rs 3,361 crore in the year ago quarter. Sequentially, the revenues fell 2.2% from Rs 3,337.9 crore in December quarter.

For the full year ended March 2024, net profit declined 5% to Rs 1554.82 crore from Rs 1637.92 crore in FY23.

Revenues also dipped 3.7% to Rs 13,278.52 crore in FY24 from Rs 13,798.5 crore last year.

In FY24, the deal wins were at a total contract value (TCV) of $1.38 billion with 15 large deals and one large deal in Q4FY24.

“We are experiencing strong growth momentum in Artificial Intelligence (AI) powered deal archetypes, as we look to capture the enterprise demand for AI adoption. Our ability to orchestrate the ecosystem by bringing technology and people together to solve for customer needs strongly positions us for growth in FY 2025, while we continue to work around the uncertainties in the overall economic environment,” said Nitin Rakesh, chief executive officer, and managing director at Mphasis.

On Thursday, Mphasis shares had ended 0.38% lower at Rs 2233.25 per share. Results were announced late Thursday night on the BSE.